Minds On
What is money?
Brainstorm
Brainstorm
Suppose that you are talking to someone who does not know what money is and has never used it before. How would you explain money to them? What would you show them?
Record your ideas using a method of your choice.
Money is a type of exchange that is accepted as payment for goods and services. It typically comes in the form of coins and bills (or bank notes).
Action
Canadian money
The pictures below are examples of Canadian money. In Canada, we use bills worth $5.00, $10.00, $20.00, $50.00, and $100.00. We also have many coins. They include $2.00, $1.00, 25¢, 10¢, and 5¢ coins. We used to have a 1¢ coin!
Money is a way to purchase things that we want or things that we need to survive. You give money to someone else in return for goods or services. Some examples of goods that we buy include food, clothes, jewelry, or electronics. Some services that we purchase include haircuts, restaurant meals, or visiting a movie theatre. We buy some things often or even every day, while we buy other things only once or twice over a long period of time.
Task 1: Goods and services
Create a list of things that people can spend money on in their own lives.
| Goods | Services |
|---|---|
Complete the Goods and Services List in your notebook or use the following fillable and printable document.
Press the ‘Activity’ button to access the Goods and Services List.
Test Your Skills!
Show what you know
Choose one question from above and research possible answers for it on the internet. Write or use speech-to-text to answer your question in one paragraph.
Are there any goods and services on the list that one needs to buy all the time?
Are there are any goods and services on the list that are purchased once in a lifetime?
Come up with one example for each. If possible, trade with a friend and answer each other’s questions.
Task 2: Questions about money
What is a question that you have always had about money, but never asked? Compile a list of questions that you and other students have asked about money.
Complete the Questions About Money list in your notebook, or use the following fillable and printable document.
| Questions About Money |
|---|
|
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Press the ‘Activity’ button to access the Questions About Money.
Student Success
Think-Pair-Share
Choose one question from your Questions About Money list and using the internet, research possible answers for it. Write or use speech-to-text to answer your question in one paragraph.
Note to teachers: See your teacher guide for collaboration tools, ideas and suggestions.
Consolidation
Task 1: Research currency
Currency is the system of money in a given country. Does every country have the same currency?
The short answer is, no. As an example, the dollar in Canada and the euro in many European countries. Countries have different currencies and sometimes a country will have more than one currency.
Different currencies also hold different values. For example, one Canadian dollar is not the same as one US dollar. You can use the Internet to find out what is currently one Canadian dollar in US dollars.
Now that you have investigated Canadian bills and coins, use the Internet to research a currency from another country. How much is that currency valued compared to Canadian currency? Pick three countries to explore and answer the questions in the table below.
Complete the Compare Currencies chart in your notebook, using a method of your choice, or use the following fillable and printable document.
| Country 1 | Country 2 | Country 3 | |
|---|---|---|---|
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What is the currency called? |
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| What is the difference between the bills and coins in each currency? (You can investigate the material, pictures, value of bill and coin, etc.) | |||
| Compare the value of your chosen currency to Canada’s currency. |
Press the ‘Activity’ button to access the Comparing Currencies document.
Reflection
As you read through these descriptions, which sentence best describes how you are feeling about your understanding of this learning activity? Press the button that is beside this sentence.
I feel...
Now, record your ideas using a voice recorder, speech-to-text, or writing tool.
Discover More
Press ‘Discover More’ to extend your skills.
Discover MoreCreate your own currency!
Come up with a name for your currency and then complete the following tasks:
- Design a variety of bills and coins, or alternative methods of pay.
- Explain the value of each bill, coin, or other payment method.
- List prices for common goods and services, compared to Canadian currency;
- Is your currency more or less valuable than Canadian currency?
Present your currency to the class.
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